About
Mahindra & Mahindra Limited provides mobility products and farm solutions in India and internationally. It operates through five segments: Automotive; Farm Equipment; Auto Investments; Farm Investments; and Investments in Industrial Businesses and Consumer Services. The company offers commercial vehicles, trucks, buses, vans, passenger cars, utility vehicles, and electric vehicles (EV), as well as motorcycles; aero and defense products; offers construction equipment, such as rotaries, tillers, loaders, and backhoes under the Mahindra EarthMaster brand; and road construction equipment comprising motor graders under the Mahindra RoadMaster brand. It is also involved in the provision of farm equipment, including tractors under the Mahindra, Swaraj, and Trakstar brands, as well as farm mechanization solutions, such as rotavators, cultivators, harvesters, rice transplanters, balers, sprayers, and implements and attachments; and renewable energy business comprising installation of EV chargers and provision of Li-ion batteries. In addition, the company offers financial services, such as fixed deposits, retail and other loans, leasing, SME finance, housing finance, mutual funds, and life and non-life insurance broking services, as well as vehicle and equipment financing; provides logistics services; power backup solutions, including diesel and gas generators; and technology services comprising business process, integrated engineering, infrastructure and cloud, network, application development and maintenance, supply chain digital transformation, and design services. Further, it engages in the sale of timeshare and vacation ownership through its resorts; develops and sells residential properties, and engages in the development, management, and operation of commercial complexes; and processing and trading of steel for automotive, non-automotive, and power industries. The company was incorporated in 1945 and is headquartered in Mumbai, India.
Key Metrics
as of Sep 2026Market Cap395,454 Cr
P/E20.60
Div Yield1.04 %
Book Value₹749.00
52w High₹3,840.00
52w Low₹2,896.00
Face Value₹5.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 58,188.00 | 54,982.00 | 52,100.00 | 46,106.00 | 45,529.00 | 42,599.00 | 41,470.00 | 37,924.00 | 37,218.00 | 35,452.00 | 35,299.00 | 34,436.00 | 33,892.00 |
| Expenses | 47,360.00 | 44,855.00 | 41,939.00 | 37,166.00 | 37,117.00 | 34,658.00 | 33,239.00 | 30,790.00 | 29,975.00 | 28,848.00 | 29,075.00 | 28,706.00 | 27,642.00 |
| Operating Profit | 10,827.00 | 10,127.00 | 10,160.00 | 8,940.00 | 8,412.00 | 7,942.00 | 8,231.00 | 7,133.00 | 7,243.00 | 6,604.00 | 6,224.00 | 5,730.00 | 6,249.00 |
| OPM % | 19.00 | 18.00 | 20.00 | 19.00 | 18.00 | 19.00 | 20.00 | 19.00 | 19.00 | 19.00 | 18.00 | 17.00 | 18.00 |
| Other Income | 1,121.00 | 1,137.00 | 976.00 | 1,134.00 | 1,210.00 | 1,110.00 | 719.00 | 1,126.00 | 733.00 | 750.00 | 756.00 | 812.00 | 1,065.00 |
| Depreciation | 1,760.00 | 1,943.00 | 2,163.00 | 1,669.00 | 1,548.00 | 2,029.00 | 1,495.00 | 1,302.00 | 1,248.00 | 1,335.00 | 1,123.00 | 1,139.00 | 1,128.00 |
| Interest | 2,560.00 | 2,407.00 | 2,405.00 | 2,347.00 | 2,431.00 | 2,397.00 | 2,362.00 | 2,217.00 | 2,108.00 | 1,989.00 | 1,945.00 | 1,835.00 | 1,719.00 |
| Profit before tax | 7,628.00 | 6,914.00 | 6,569.00 | 6,058.00 | 5,644.00 | 4,627.00 | 5,092.00 | 4,740.00 | 4,621.00 | 4,030.00 | 3,912.00 | 3,568.00 | 4,468.00 |
| Tax % | 21.00 | 24.00 | 24.00 | 35.00 | 22.00 | 23.00 | 29.00 | 29.00 | 23.00 | 22.00 | 24.00 | 30.00 | 18.00 |
| Net Profit | 5,998.00 | 5,260.00 | 5,021.00 | 3,964.00 | 4,377.00 | 3,542.00 | 3,624.00 | 3,361.00 | 3,546.00 | 3,125.00 | 2,977.00 | 2,484.00 | 3,684.00 |
| EPS in Rs | 43.86 | 37.53 | 37.59 | 29.54 | 32.84 | 26.50 | 25.58 | 25.50 | 26.40 | 22.15 | 21.38 | 18.88 | 28.21 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 198,639.00 | 159,211.00 | 139,078.00 | 121,362.00 | 90,171.00 | 74,278.00 | 75,382.00 | 104,721.00 | 92,094.00 | 83,773.00 | 75,841.00 | 71,448.00 |
| Expenses | 161,659.00 | 128,693.00 | 114,186.00 | 101,037.00 | 75,488.00 | 62,791.00 | 65,224.00 | 89,514.00 | 78,868.00 | 73,038.00 | 65,759.00 | 62,655.00 |
| Operating Profit | 36,980.00 | 30,518.00 | 24,892.00 | 20,325.00 | 14,683.00 | 11,487.00 | 10,158.00 | 15,207.00 | 13,226.00 | 10,735.00 | 10,082.00 | 8,793.00 |
| OPM % | 19.00 | 19.00 | 18.00 | 17.00 | 16.00 | 15.00 | 13.00 | 15.00 | 14.00 | 13.00 | 13.00 | 12.00 |
| Other Income | 5,118.00 | 3,718.00 | 3,298.00 | 3,922.00 | 3,204.00 | 1,152.00 | 885.00 | 2,676.00 | 4,366.00 | 2,077.00 | 1,399.00 | 800.00 |
| Interest | 9,591.00 | 9,083.00 | 7,488.00 | 5,830.00 | 5,018.00 | 6,102.00 | 6,021.00 | 5,021.00 | 3,987.00 | 3,648.00 | 3,368.00 | 3,157.00 |
| Depreciation | 7,322.00 | 6,074.00 | 4,724.00 | 4,357.00 | 3,508.00 | 3,378.00 | 3,367.00 | 3,991.00 | 3,280.00 | 2,813.00 | 2,442.00 | 2,124.00 |
| Profit before tax | 25,185.00 | 19,080.00 | 15,978.00 | 14,060.00 | 9,362.00 | 3,158.00 | 1,655.00 | 8,871.00 | 10,326.00 | 6,350.00 | 5,672.00 | 4,313.00 |
| Tax % | 26.00 | 26.00 | 23.00 | 19.00 | 23.00 | 52.00 | 119.00 | 32.00 | 23.00 | 36.00 | 37.00 | 40.00 |
| Net Profit | 18,622.00 | 14,073.00 | 12,270.00 | 11,374.00 | 7,253.00 | 1,512.00 | -321.00 | 6,017.00 | 7,958.00 | 4,051.00 | 3,554.00 | 3,381.00 |
| EPS in Rs | 137.50 | 103.97 | 90.62 | 82.68 | 52.91 | 14.58 | 1.02 | 42.76 | 60.41 | 29.77 | 25.35 | 25.26 |
| Dividend Payout % | 22.00 | 22.00 | 21.00 | 18.00 | 20.00 | 54.00 | 205.00 | 17.00 | 11.00 | 22.00 | 21.00 | 23.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 559.00 | 558.00 | 557.00 | 557.00 | 556.00 | 555.00 | 554.00 | 544.00 | 543.00 | 311.00 | 270.00 | 296.00 |
| Reserves | 92,538.00 | 76,481.00 | 65,633.00 | 55,809.00 | 46,567.00 | 41,027.00 | 39,415.00 | 39,439.00 | 36,232.00 | 29,467.00 | 26,222.00 | 25,561.00 |
| Borrowings | 136,936.00 | 129,025.00 | 108,647.00 | 92,647.00 | 77,605.00 | 80,625.00 | 82,092.00 | 70,848.00 | 55,898.00 | 48,762.00 | 41,553.00 | 37,911.00 |
| Other Liabilities | 86,021.00 | 69,950.00 | 59,884.00 | 55,270.00 | 47,661.00 | 42,762.00 | 43,655.00 | 51,057.00 | 43,696.00 | 35,296.00 | 31,806.00 | 30,608.00 |
| Total Liabilities | 316,054.00 | 276,013.00 | 234,722.00 | 204,283.00 | 172,388.00 | 164,968.00 | 165,716.00 | 161,889.00 | 136,369.00 | 113,835.00 | 99,852.00 | 94,376.00 |
| Fixed Assets | 38,459.00 | 34,636.00 | 28,129.00 | 27,140.00 | 26,018.00 | 21,380.00 | 29,689.00 | 28,983.00 | 26,182.00 | 20,989.00 | 20,585.00 | 19,047.00 |
| CWIP | 7,740.00 | 8,298.00 | 8,039.00 | 3,969.00 | 6,703.00 | 7,873.00 | 6,856.00 | 4,760.00 | 4,269.00 | 4,279.00 | 2,371.00 | 3,032.00 |
| Investments | 40,324.00 | 41,309.00 | 35,208.00 | 35,272.00 | 30,060.00 | 28,778.00 | 19,210.00 | 18,268.00 | 16,018.00 | 14,662.00 | 11,603.00 | 10,027.00 |
| Other Assets | 229,531.00 | 191,771.00 | 163,345.00 | 137,902.00 | 109,607.00 | 106,938.00 | 109,960.00 | 109,878.00 | 89,900.00 | 73,905.00 | 65,293.00 | 62,270.00 |
| Total Assets | 316,054.00 | 276,013.00 | 234,722.00 | 204,283.00 | 172,388.00 | 164,968.00 | 165,716.00 | 161,889.00 | 136,369.00 | 113,835.00 | 99,852.00 | 94,376.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 11,657.00 | 3,176.00 | -5,630.00 | -7,074.00 | 9,248.00 | 17,909.00 | -1,457.00 | -4,347.00 | 682.00 | 183.00 | 2,385.00 | 1,055.00 |
| Cash from Investing Activity | -17,680.00 | -18,616.00 | -5,615.00 | -8,866.00 | -3,252.00 | -19,686.00 | -6,870.00 | -7,174.00 | -5,467.00 | -5,875.00 | -5,506.00 | -4,357.00 |
| Cash from Financing Activity | 5,391.00 | 15,834.00 | 12,281.00 | 15,946.00 | -5,883.00 | 406.00 | 6,933.00 | 13,194.00 | 6,314.00 | 6,108.00 | 2,967.00 | 1,669.00 |
| Net Cash Flow | -632.00 | 394.00 | 1,037.00 | 6.00 | 113.00 | -1,370.00 | -1,394.00 | 1,672.00 | 1,529.00 | 416.00 | -154.00 | -1,633.00 |
| Free Cash Flow | 2,545.00 | -6,633.00 | -15,303.00 | -13,241.00 | 3,328.00 | 13,283.00 | -8,251.00 | -11,546.00 | -5,109.00 | -4,780.00 | -1,729.00 | -3,661.00 |
| CFO/OP % | 48.00 | 26.00 | -7.00 | -21.00 | 74.00 | 172.00 | 8.00 | -9.00 | 25.00 | 20.00 | 43.00 | 31.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 17.00 | 19.00 | 20.00 | 21.00 | 26.00 | 30.00 | 34.00 | 30.00 | 34.00 | 31.00 | 28.00 | 28.00 |
| Inventory Days | 65.00 | 78.00 | 81.00 | 83.00 | 82.00 | 91.00 | 106.00 | 74.00 | 64.00 | 64.00 | 74.00 | 72.00 |
| Days Payable | 112.00 | 118.00 | 112.00 | 118.00 | 134.00 | 147.00 | 142.00 | 127.00 | 125.00 | 107.00 | 108.00 | 97.00 |
| Cash Conversion Cycle | -30.00 | -21.00 | -11.00 | -13.00 | -27.00 | -26.00 | -3.00 | -23.00 | -27.00 | -11.00 | -6.00 | 3.00 |
| Working Capital Days | -40.00 | -14.00 | -8.00 | -14.00 | -13.00 | -11.00 | -20.00 | -14.00 | -8.00 | -2.00 | -3.00 | -5.00 |
| ROCE % | 15.00 | 14.00 | 14.00 | 13.00 | 11.00 | 8.00 | 7.00 | 12.00 | 13.00 | 12.00 | 13.00 | 11.00 |
Corporate Actions
34 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 03 Jul 2026 | 03 Jul 2026 | — | 33.00 | |
| Dividend | 04 Jul 2025 | 04 Jul 2025 | — | 25.30 | |
| Dividend | 05 Jul 2024 | — | — | 21.10 | |
| Dividend | 14 Jul 2023 | — | — | 16.25 | |
| Dividend | 14 Jul 2022 | — | — | 11.55 | |
| Dividend | 15 Jul 2021 | — | — | 8.75 | |
| Dividend | 16 Jul 2020 | — | — | 2.35 | |
| Dividend | 18 Jul 2019 | — | — | 8.50 | |
| Dividend | 12 Jul 2018 | — | — | 7.50 | |
| Bonus | 21 Dec 2017 | 23 Dec 2017 | 1:1 | — | |
| Dividend | 13 Jul 2017 | — | — | 13.00 | |
| Dividend | 21 Jul 2016 | — | — | 12.00 | |
| Dividend | 16 Jul 2015 | — | — | 12.00 | |
| Dividend | 17 Jul 2014 | — | — | 0.50 | NSE/BSE dividend mismatch: BSE/NSE=13.5; BSE/NSE=0.5 |
| Dividend | 17 Jul 2014 | — | — | 13.50 | NSE/BSE dividend mismatch: BSE/NSE=13.5; BSE/NSE=0.5 |
| Dividend | 18 Jul 2013 | — | — | 0.50 | |
| Dividend | 18 Jul 2013 | — | — | 12.50 | |
| Other | 18 Jul 2013 | — | — | — | Annual General Meeting/Dividend 12.50/-+Special Dividend 0.50/- Per Share |
| Dividend | 12 Jul 2012 | — | — | 12.50 | |
| Dividend | 14 Jul 2011 | — | — | 1.00 | NSE/BSE dividend mismatch: BSE/NSE=10.5; BSE/NSE=1.0 |
| Dividend | 14 Jul 2011 | — | — | 10.50 | NSE/BSE dividend mismatch: BSE/NSE=10.5; BSE/NSE=1.0 |
| Dividend | 08 Jul 2010 | — | — | 0.75 | NSE/BSE dividend mismatch: BSE/NSE=8.75; BSE/NSE=0.75 |
| Dividend | 08 Jul 2010 | — | — | 8.75 | NSE/BSE dividend mismatch: BSE/NSE=8.75; BSE/NSE=0.75 |
| Split | 29 Mar 2010 | 30 Mar 2010 | 10:5 | — | |
| Dividend | 09 Jul 2009 | — | — | 10.00 | |
| Dividend | 03 Jul 2008 | — | — | 11.50 | NSE/BSE dividend mismatch: NSE=5.75; BSE=11.5 |
| Dividend | 03 Jul 2008 | — | — | 5.75 | NSE/BSE dividend mismatch: NSE=5.75; BSE=11.5 |
| Dividend | 05 Jul 2007 | — | — | 4.00 | |
| Other | 05 Jul 2007 | — | — | — | Agm/Div Fin-25% + Spl-15%Purpose Revised |
| Dividend | 23 Mar 2007 | 26 Mar 2007 | — | 3.75 | |
| Other | 29 Jun 2006 | — | — | — | Agm/Div.-Fin.75%+Spl.25% |
| Other | 29 Jun 2005 | — | — | — | Agm/Div-(Fin-100%+Sp-30%) |
| Dividend | 23 May 2001 | — | — | 5.50 | |
| Other | 15 Mar 2001 | 30 Mar 2001 | — | — | General |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update3 Dec 2025 from care
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Rating update16 Oct 2025 from crisil
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Rating update29 Sep 2025 from care
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Rating update29 Sep 2025 from icra
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Rating update19 Sep 2025 from crisil
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Rating update4 Aug 2025 from icra
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